Similar to the EURUSD, the GBPUSD may be headed lower in a 5th wave ending diagonal. The other counts place the pair in a 4th wave correction (either a flat or triangle). All the counts are bearish, with the 4th wave counts just delaying the decline. In the event of a flat, the pair would exceed 15386 slightly before reversing. 15215 is potential resistance (if a triangle).
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
